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Question

Difficulty: EasyAnti-Money Laundering (AML), KYC, and Sanctions Compliance

Under the Bank Secrecy Act (BSA) regulations, a broker-dealer that receives cash transactions exceeding $10,000 in a single business day is required to file a Currency Transaction Report (CTR) with FinCEN within how many calendar days of the transaction?

  1. 15 calendar daysAnswer
  2. B
    30 calendar days
  3. C
    45 calendar days
  4. D
    60 calendar days

Answer

15 calendar days
The requirement to file within 15 calendar days is correct because FinCEN regulations explicitly mandate that broker-dealers submit a Currency Transaction Report (CTR) within 15 calendar days following cash deposits or payments exceeding $10,000 made on a single business day.

Step-by-Step Solution

1
Identify the required anti-money laundering report based on the transaction type.
Cash transactions exceeding $10,000 in a single business day require a Currency Transaction Report (CTR).
The Bank Secrecy Act mandates CTR filings specifically for large cash transactions.
2
Determine the mandatory regulatory filing timeline for a CTR.
The regulatory deadline is 15 calendar days from the transaction date.
FinCEN rules specify 15 calendar days for CTRs, distinct from the 30 calendar days allowed for Suspicious Activity Reports (SARs).

Key Concept

Currency Transaction Report (CTR) Filing Requirements
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Topics

Anti-Money Laundering (AML), KYC, and Sanctions Compliance